Each year, Australian businesses are losing approximately $29 billion due to cyber attacks. Officials say they receive a report of a cyber attack every 10 minutes. According to a Business SA report, the average cost of a cyber attack is $276,000.
Adam Thomson, communications and engagement director of Crime Stoppers, said these cyber attacks occur throughout Australia’s states and territories. He added that several criminal organisations have their own call centres. In some cases, hackers can even intercept real invoices between suppliers and customers, add in fraudulent bank details, and send them on to the customers for payment. Any business that maintains an online presence is susceptible to attacks, as criminals pick their victims indiscriminately, Thomson said.
In the past two years, over 66% of South Australian companies fell victim to cyber attacks, according to the Business SA report. Thomson adds that this figure is probably lower than the reality since many do not report attacks out of embarrassment.
Ransomware attacks are also becoming more common, Thomson said. In these cases, hackers gain control of a company’s computer system and force the victim to pay a “ransom” to regain control of the system. These attacks can be devastating to online businesses.
Martin Haese, Business SA’s chief executive, said cyber attacks have gained popularity as more businesses shift online. Businesses need to be better prepared to prevent these attacks, he added. A loss of $10,000 can be a severe hit to a small business and Haese said he has seen losses of up to $1.3 million.
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